Homeownership Posts - What First-Time Homebuyers Need to Know

3 Things Every First-Time Homebuyer Needs to Know

First job, first car, first love — life is full of firsts. They can all be quite special, particularly your first home purchase. It’s where you’ll make memories to last a lifetime, wherever that life takes you.

When you’re ready to take that step, we can help you make sure your finances are ready, too. Here are three things first-time homebuyers must know about the home purchasing process.

Know how much home you can afford

We don’t need to remind you that buying a home is a big investment. But how big of an investment is realistically within your reach?

Establishing how much you can afford is the first step every time you buy a home, whether it’s your first home or your fifth. When determining the right budget for your home, you’ll need to consider your income, how much you have for a down payment and your other financial obligations. To help you determine your right price, use our home affordability calculator.

Not all mortgages are created equal

Unless you’re a mortgage expert, navigating the world of home loans can be overwhelming as a first-time homebuyer. You’ll need to compare mortgages, learn about tax credits, and get familiar with loan terms and interest rates. In other words, you’re going to have to do your homework to get the best deal on your new home.

But you don’t have to do it all on your own.

Make an appointment to talk with a FAIRWINDS mortgage expert at your local branch. We can help you find the right mortgage and home loan program for your needs, including options with flexible terms and competitive rates. We’re also there for you to provide clarity on any aspects of the process you’re unclear on, like what and how much closing costs are, the difference between fixed and adjustable rates, and much more.

Save, save, save

Even with a great home loan, you’ll still need a sizable down payment. Saving for a home requires commitment and patience. Fortunately, there are ways to simplify the process.

The FAIRWINDS My First Home Savings Account was designed specifically for first-time homebuyers to boost their savings and achieve the goal of home ownership more quickly. It’s set up as an interest-bearing, 12-month Certificate of Deposit, while giving you the flexibility to make unlimited deposits. You’ll even be rewarded for your good saving habits. After 12 consecutive months of saving at least $250 per month, you’ll be eligible to receive a $1,500 credit toward your FAIRWINDS mortgage closing costs.* Score!

Buying a home is a big decision. It’s also one of the most rewarding. If you’re ready to take the first step on your journey toward homeownership, we’re ready to help.